posted
Guys, I just got a margin call (email) in my choice trade account for doing more than 3 trades in a 5 day period and now it seems I should have 25,000 in my account. can I just call them and up and get away with a warning or are theyvery strict with the rules. I hope am not screwed
Posts: 210 | From: tampa, fl, us | Registered: Nov 2004
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posted
don't they usually give a warning if this is the first time...I think I may go to cash account too that is If I can trade
Posts: 210 | From: tampa, fl, us | Registered: Nov 2004
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posted
Sounds more like a daytrading violation than a straight up margin call. More than 3 roundtrips in a 5-day period. Most brokers will let you slide with a warning the first time.
But if they choose to be strict, you'll need to bring your minimum account balance up to 25k(pattern daytrader minimum), or your account will be restricted to trading with Settled Funds only for 90 days.
-------------------- It is impossible to make anything foolproof because fools are so ingenious. Posts: 3311 | From: St. Louis | Registered: Feb 2005
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I had the same thing happen with Ameritrade last month. GIve them a call an tell them you made a mistake. I believe you get one chance to get it removed. At least that's what Ameritrade does.
-------------------- If it wasn't for bad luck I'd have no luck at all. Posts: 1529 | From: Tacoma WA | Registered: Apr 2005
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